Bitcoin Miner Marathon, Riot Hash Rate Double YoY
Bitcoin (BTC) miners Marathon Digital and Riot Platforms have doubled their hashrate since June 2023, amid varying degrees of change from other companies.
On July 3, Marathon reported an average operational hash rate of 26.3 exahashes per second (EH/s) in June, a 102% year-over-year increase from 13.0 EH/s. This change also represents a 2% monthly increase from 25.8 EH/s. The company is targeting 50 EH/s by the end of the year.
Marathon attributed the increase in hash rate to operational improvements at its Ellendale facility and the site becoming fully operational in July.
Marathon produced 590 BTC in June, a 4% decrease from 616 BTC in May.
The company also increased its Bitcoin holdings to 18,536 BTC, up 4% from 17,857 BTC in May. As of June 30, Marathon held a total of $1.4 billion in cash and Bitcoin.
Riot also doubles its hash rate
Riot Platforms announced on July 3 that it had reached a hash rate of 22.0 EH/s in June, a 106% increase from 10.7 EH/s in June 2023 and a 50% increase from 14.7 EH/s in May.
The company increased its hash rate by adding 7.3 EH/s of hash rate capacity to two buildings in its Corsicana facility. It also used available capacity at its Rockdale facility.
Bitcoin production increased slightly month-on-month. Riot produced 255 BTC in June, up 19% from 215 BTC in May. 9,334 BTC up 3% in June 9,084 BTC in May.
Other Performance Reports
At least two companies have nearly doubled their hash rates over various time periods. CleanSpark recently reported doubling its hash rate since December 2023, while BitFarms increased its hash rate from 5.3 EH/s year-over-year to 10.4 EH/s at the end of the month.
Some companies reported lower hashrate increases. Cipher Mining reported an operating hashrate of 8.6 EH/S at the end of the month, up from 8.0 EH/s in May and 6.0 EH/s in the previous year. The company mined 176 BTC in June, up from 166 BTC in May.
Bitdeer reported a managed hash rate of 22.3 EH/s in June, down from 22.4 EH/s in May but up from 18.8 the previous year. Bitdeer mined 179 BTC through its own mining operations, down from 184 BTC in May.
